To pursue sexual intercourse with willing partners of the night. Partners include but are not limited to a specific; Race, Gender, Sexual Preference, Sexual Identity, Education Level, Background, Credit Score, or what have you.
"How far did you guys go, did you wambo?"
"I just want to wambo, no commitment, no strings attached, it doesn't even matter what their credit score is, that's the kind of night I'm having."
"Two more beers and I'm ready to wambo!"
Shout Wambo when someone has been Wambo'd. If something funny/stupid happens to your mate you can shout wambo i.e. they fall over or drop there beer. Shout Wambo so they know they've been Wambo'd